In December Nerd Wallet said that Americans owe $413.7 billion in combined credit card debt. That was in December. By June of this year, that total has climbed to $922 billion. This second figure includes all monthly balances, not just revolving debt, but this should give you a picture of what credit cards can do.
In that same article, we learn that the total debt–all types of debt–owed in the U.S. is $14.3 trillion. Here’s another scary figure: 11% of parents surveyed (these are parents with credit card debt) think it will take them more than a decade to become debt-free.
Living in debt can cause an immense amount of unhealthy stress. And in 2020 where there’s stress, there are damaged relationships, lowered immune systems, general health problems, and overall unhappiness.
That’s the bad news. Are you ready for the good news now?
Will I Ever Be Debt-Free?
The answer to this question depends on what you’re willing to do about it. The title of this article mentions a company called Polo Funding. This company exists to help consumers start their journey to get out of credit card debt. They help you stop paying on multiple high-interest credit cards each month; instead, they’ll help you pay off all of your credit card debt with one low-interest loan.
How does this help? The hard truth is that if you do nothing but pay your minimum monthly credit card payments, you will never be debt-free. But if you do decide to do something about your situation–if you work with a company like Polo Funding to turn what you owe on your credit cards into a single loan, for example–you stand a much better chance of becoming debt-free.
How Can I Become Debt-Free on a Low Income?
This is the problem that all too many Americans face. They got into debt in the first place because their income wasn’t enough to cover all of their expenses. Maybe they were doing fine for a little while, but then car trouble happened. Or unexpected medical expenses. Maybe a pet became ill. Even worse, maybe somebody in the family was laid off.
Becoming debt-free on a low income takes a few angles of attack. First, even though it may seem impossible to do so more than you’re already doing, a thorough examination of money going out must be performed. And second, you must not be afraid to ask for help. Again, companies like Polo Funding exist to help you get out from under the piles of high-interest credit card debt.
What Does Debt-Free Feel Like?
Being debt-free can help you feel like a load has been lifted from your shoulders. It can feel empowering to use self-control in your spending and to operate outside of the “normal” way of living by being in debt. It can help you feel confident about the choices you make in your life. Being debt-free can feel like freedom.
Why Is Becoming Debt-Free So Important?
While being debt-free isn’t the single cure-all to any of your medical issues, it is known to help reduce stress. And stress, as they say, is one of the biggest killers. Becoming debt-free might help your overall sense of well-being, too. You might be able to enjoy your life more once you’re free from financial obligations hanging over your head.
Being debt-free can help you in your relationships, as well. If you’re not as stressed out about money, you might become more easy-going. Easy-going people are more fun to be around. It may also place you in a position where you are able to help your loved ones. Whether this means that you can give them advice or even help them financially, wouldn’t that be infinitely better than being unable to do anything because of your own mountain of debt?